TMK closes higher for the 3rd day in a row
Torchmark Corporation (TMK) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TMK ended Monday at 85.09 gaining $0.75 (0.89%). Today's closing price of 85.09 marks the highest close since March 21st. Closing above Friday's high at 84.97, the market confirms its breakout through the previous session's high having traded $0.65 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TMK as at Apr 16, 2018):
Monday's trading range was $0.86 (1.01%), that's below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 84.50.
Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The stock managed to break above the 50-day moving average at 84.59 today for the first time since September 19, 2017.
Further buying could move prices higher should the market test March's close-by high at 87.57.